Spin-offs of Entrepreneurial Firms : an O-Ring Approach

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FABEL, Oliver, 2003. Spin-offs of Entrepreneurial Firms : an O-Ring Approach

@techreport{Fabel2003Spino-11805, series={Diskussionspapiere der DFG-Forschergruppe Heterogene Arbeit}, title={Spin-offs of Entrepreneurial Firms : an O-Ring Approach}, year={2003}, number={03/03}, author={Fabel, Oliver} }

application/pdf Spin-offs of Entrepreneurial Firms : an O-Ring Approach The O-Ring theory provides a framework to analyse the emergence of firms organized as partnerships. The owner-managers of such entrepreneurial firms can benefit from ability matching within their production teams. However, they must also bear the project risk. Risk-aversion then induces a second-best solution. At the same time, integrated firms managed on behalf of risk-neutral residual-claimants face information and/or enforcement problems. Hence, they cannot organize ability-matched teams. It is shown that there exists an equilibrium such that groups of individuals sharing a superior ability level will found entrepreneurial firms. Low-quality individuals will be employed by managed firms which hire randomly.<br />The paper constitutes a significantly revised version of the study formerly entitled The Emergence of a New Economy: An O-Ring Approach , Department of Economics, University of Konstanz, Discussion Paper Series I 314. Fabel, Oliver 2003 deposit-license 2011-03-25T09:40:23Z 2011-03-25T09:40:23Z Fabel, Oliver eng

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